About Pharmacovigilance
Pharmacovigilance (PV) is defined as the science and activities relating to the detection, assessment, understanding and prevention of adverse effects or any other drug-related problem. Increasing number of patients with chronic diseases led to rise in demand of novel drugs and treatment. For instance, According to World Health Organization (WHO) 2018 report, cardiovascular diseases accounted for nearly 836,546 deaths in the United States and 3.9 million deaths in Europe. And cancer cause of death and led to 9.6 million deaths globally in 2018. Further, technological advancement such as emergence of drug safety and pharmacovigilance software expected to drive the pharmacovigilance market over the forecasted period.
Attributes | Details |
---|
Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
CAGR | 12.18% |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Pharmacovigilance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ArisGlobal (United States), Ennov Solutions Inc. (United States), EXTEDO GmbH (United States), Novartis (Switzerland), PARAXEL (United States), MAKROCARE (India), Online Business Applications, Inc. (United States), United BioSource Corporation (United States), Cmed Group (United Kingdom) and Medpace (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Sarjen Systems Pvt. Ltd (India), Sparta Systems, Inc. (United States) and Covance (United States).
Segmentation Overview
AMA Research has segmented the market of Global Pharmacovigilance market by and Region.
On the basis of geography, the market of Pharmacovigilance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End User , the sub-segment i.e. Hospitals will boost the Pharmacovigilance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service Provider , the sub-segment i.e. In-house will boost the Pharmacovigilance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pharmacovigilance Methods , the sub-segment i.e. Spontaneous Reporting will boost the Pharmacovigilance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Emergence of Drug Safety and Pharmacovigilance Software and Increasing Investments in Pharmaceutical R&D in Developing Economies
Market Growth Drivers:
Increasing Government Initiatives for Drug Safety Regulations and Technological Advancement in Pharmacovigilance Owing to Rise in Health Information Functionality
Challenges:
Lack of Advanced Healthcare Infrastructure in the Emerging Economies
Restraints:
High Cost Associated with Pharmacovigilance Services
Opportunities:
Growing Adoption of Pharmacovigilance Software by Contract Research Organizations and Increasing Demand for Pharmacovigilance Software from Developing Countries
“According to Good Pharmacovigilance Practices a set of measures which were developed to facilitate the performance of pharmacovigilance in the EU. The legal basis for pharmacovigilance for medicines for human use in the EU is laid down in Directive 2001/83/EC and Regulation (EC) No 726/2004, as amended. The most recent amendments to this legislation in 2010 were implemented to further protect public health by strengthening the European-wide system for monitoring the safety of medicines. The legislation is accompanied by the implementing regulation which was published by the European Commission in June 2012. Implementing Regulation (EU) No 520/2012 provides details on some of the operational aspects for the revised legislation. In addition, detailed guidance in the form of a number of good pharmacovigilance practice (GVP) modules to facilitate the performance of pharmacovigilance in the European Union (EU).”
Key Target Audience
Pharma and Biotech Companies, Contract Research Organizations (CROs), Business Process Outsourcing (BPO) Firms, Other Pharmacovigilance Service Providers, Government Agencies, Research Institute, Market Research Firms and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.